- Rail Vikas Nigam Ltd (RVNL) share price surged over 5% after the company secured a ₹239 crore order from Southern Railway.
- The order involves the installation of an automatic block signalling system between Jolarpettai Junction and Erode Junction of the Salem Division of Southern Railway, to be completed within 12 months.
- Analysts predict a strong upward trend for the stock, with potential targets of 290-300, given the recent developments.
Rail Vikas Nigam Ltd (RVNL) sees a surge in share prices following a significant order from Southern Railway, indicating a promising outlook for the stock.
RVNL Share Price Soars Following New Order
Rail Vikas Nigam Ltd (RVNL) saw a significant jump in its share price in Tuesday’s trading session, following the announcement of a ₹239 crore order from Southern Railway. The order involves the provision of an automatic block signalling system between Jolarpettai Junction and Erode Junction of the Salem Division of Southern Railway. The project is expected to be completed within 12 months, as stated in the company’s exchange filing.
Analysts Predict Upward Trend for RVNL Stock
Following the announcement, analysts predict a strong upward trend for RVNL stock. According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, the stock has seen strong traction, opening up by more than 3%. If prices sustain these gains on closing, it may confirm a higher bottom close on the daily chart that may push for a strong move in the coming sessions; 290–300 would be the next potential upmove, and 250 as support. Riyank Arora, Technical Analyst at Mehta Equities Ltd., also echoed similar sentiments, stating that the stock is trading above an important support zone of 245–250 on its daily timeframe charts. With the RSI (14) around 49, the overall momentum is expected to pick up in the next few days.
Conclusion
The recent developments for RVNL suggest a promising outlook for the stock. With a significant order from Southern Railway and positive predictions from analysts, investors can expect a strong upward trend for RVNL shares in the coming sessions. However, as always, investors are advised to consult with certified experts before making any investment decisions.
